Cautioning investors against "inducements and false promises" in the PACL case, Sebi today advised them to seek their claims only in a prescribed format rather than making submissions through associations.
Providing more clarity, the watchdog said claims in the case could be filed only in the "prescribed format upon specific notification" by the R M Lodha committee -- which is overseeing disposal of PACL assets in order to refund the affected investors.
Till such notification, investors were requested to retain their documents with themselves and not to part with them for any reason whatsoever.
PACL, which had raised money from the public in the name of agriculture and real estate businesses, was found by Sebi to have collected more than Rs 60,000 crore through illegal collective investment schemes over a period of 18 years.
The cautions come after Sebi found that claims are being filed by individuals or through associations enclosing documents therewith.
"Therefore, investors are again advised to retain the documents with themselves and submit in the prescribed format only upon specific notification inviting submission of claim. Investors are also requested not to be misguided or fall in trap of any inducements and false promises," Sebi said in a statement.
Last December, Sebi ordered attachment of all assets of PACL and its nine promoters and directors for their failure to refund more than Rs 60,000 crore due to investors -- the biggest amount for any such case.
PACL had raised Rs 49,100 crore from nearly 5 crore investors that it needs to refund along with promised returns, interest payout and other charges, which took the total amount due to over Rs 55,000 crore, as per the Sebi order.
Besides, PACL's group firm PGFL "illegally mobilised more than Rs 5,000 crore and failed to refund the same in spite of directions of Sebi and SAT", the regulator had said while initiating the recovery proceedings.
The proceedings were initiated against PACL Ltd, as also its promoters and directors - Tarlochan Singh, Sukhdev Singh, Gurmeet Singh, Subrata Bhattacharya, Nirmal Singh Bhangoo, Tyger Joginder, Gurnam Singh, Anand Gurwant Singh and Uppal Devinder Kumar.
Sebi had asked them to refund the money in an order dated August 22, 2014. The defaulters were directed to wind up the schemes, and refund money to the investors within a period of three months from the date of the order.
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